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Cryptocurrency

Bitcoin in Pullback Mode as Regulatory Concerns Rise

Bitcoin is declining as regulatory concerns rise; ether is holding support.

Bitcoin extended its pullback on Tuesday as buyers continue to take profits from the $40,000 resistance level. The cryptocurrency was trading around $38,000 at press time and is down about 4% over the past week. Ongoing regulatory concerns in the U.S. and China have kept some bitcoin buyers on the sidelines, with lower support seen around $34,000 to $36,000.

“We expect the pullback to mature in one to two weeks near the 50-day moving average around $34K, after which bitcoin is likely to clear $42.6K for a revised upside target near $51K,” wrote Katie Stockton, managing director of Fairlead Strategies, in a Monday newsletter.

source of news:coindesk

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